Wendy’s stock rises on talk of possible sale

Wendy’s International Inc., which underwent jarring structural changes in the last 12 months, announced Wednesday that more might be in the offing -- including the possible sale of the company. Its shares rose 13% in after-hours trading to $37.

The nation’s No. 3 hamburger chain, based in Dublin, Ohio, said it had formed a committee of directors to review options that could include a sale, a merger or some other business combination.

The announcement follows agitation for change led by billionaire investor Nelson Peltz, who last year won three seats on an expanded Wendy’s board as he pushed for steps to reward shareholders.

That and other pressures led to Wendy’s spinning off its Tim Hortons coffee shop chain and selling Baja Fresh Mexican Grill.

Also Wednesday, Wendy’s announced first-quarter earnings that met Wall Street expectations. Net income totaled $14.7 million, or 15 cents a share, compared with $51.2 million, or 45 cents, a year earlier, when the company was much larger. Revenue rose 2% to $590.2 million.